NZD/USD: Key Resistance
FxGrow | Dec 29, 2015 06:51AM ET
Today NZD/USD reached to a key resistance, which is located in area 0.6900. That level is strenghtened by downtrend line and Fibonacci 50% level. Since mid-November price moved in upward channel and succesfully break above that level should lead price to the next resistance at 0.7180 level. However if price will rebound (it is more likely) nearest support is at 0.6760 level.
Wider view, time-frame W1
For 1,5 years price moved in downtrend. Low was established August 24 and there are no new lows. Today demand has attempted to break above downtrend line and gain 6-months high. Supply will definitely try rebound at this level, but if fail there could be a fester upward movement or even a long term trend reversal.
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